It’s a Good Time to Be a Corporation

[Donnachaidh]

http://www.truthdig.com/eartotheground/item/with_a_stash_of_cash_already_us_corporations_look_forward_to_more_tax_cuts_/?ln

With the American corporations in Standard & Poor’s 500-stock index holding a record $960 billion in hard cash and taxes on corporate profits the lowest they have been since the 1950s, the Obama administration appears ready to give them even more in the way of economic breaks.

That “more” will come in the form of temporary payroll tax cuts in the period leading up to the 2012 presidential election, Joshua Holland at AlterNet reports. —ARK

AlterNet:

One would think that an almost daily barrage of grim economic news about working America might inspire a sense of urgency among policymakers, prompting them to think boldly about how to get the country moving again.

Meanwhile, the companies in the Standard & Poor’s 500-stock index are sitting on a record $960 billion in cash—the Wall Street Journal notes that “there is a cash crisis in corporate America—although it comes not from a shortage of the stuff, but from a surplus.” Given that the federal government has been collecting the lowest share of the economy in tax revenues since 1950 during the past few years, one might also expect that giving American businesses more “tax relief” wouldn’t be a terribly high priority.

More at the link --

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